Court records show that James "Jim" Press, a deputy chief executive at Chrysler, owes almost $1 million to the IRS and $609,000 on a defaulted loan.

Press, who earns $2.4 million annually from Chrysler and got a $50 million compensation package just for coming on board, came to the troubled automaker from Toyota in 2007. He was employed there for 27 years.

Along the way, however, Press married -- and divorced -- and bought at least four homes.

In just two short years, however, the $50 million compensation package dwindled as Chrysler went into bankruptcy, bonuses were canceled and real estate values plummeted. Press was also paying $56,000 in child and spousal support to his ex-wife.

The Detroit News reports that Press and his current wife own four homes -- a $3 million Birmingham mansion, a $13.5 million townhouse in New York City, a $2 million home outside Los Angeles and a $470,000 condo in New Orleans. The Birmingham and New York City homes are currently on the market.

As the bills piled up, Press' revenue went down. The same month executives from the Big Three lobbied the government for a bailout, Press defaulted on a loan from Western Federal Credit Union, who is now suing for $609,000. "In this terrible credit environment, I have exhausted other avenues of getting a new loan which would allow me to pay you off," Press wrote to the lender last November.

Earlier this month, the IRS filed a $947,000 lien against Press and his wife, claiming unpaid taxes from 2007.

Press is trying to sell his Birmingham home -- which has a mortgage of $2.2 million -- for $3.15 million. He is also trying to sell the New York City townhouse -- which has a mortgage of $12.96 million -- for $15.7 million.

The IRS could collect any proceeds from the real estate sale unless Press works out a separate payment plan or fights the lien.